Microgrid Market

Microgrid Market - Global Market Share, Trends, Analysis and Forecast, 2023-2032
Frequently asked questions about this report

The microgrid market is expected grow at a CAGR of 19.4% from 2023 to 2032.

The microgrid market size is expected to reach US$ 167.21 Billion by 2032.

The microgrid market was estimated to be US$ 28.39 Billion in 2022.

The global microgrid market is being driven by the increasing demand for reliable and efficient power supply, growing adoption of renewable energy sources, and rising need for energy security and resilience.

North America is currently the largest market for microgrids, driven by a combination of factors including a high level of investment in renewable energy, government incentives and regulations, and a growing demand for resilient power systems.

ABB Ltd, Eaton Corporation PLC, General Electric Company, Hitachi, Ltd., Honeywell International Inc., Johnson Controls International plc, Lockheed Martin Corporation, Power Analytics Corporation, Schneider Electric SE, Siemens AG, S&C Electric Company, Spirae, Inc., Tesla Inc., Toshiba Corporation, Wärtsilä Corporation among others, are the key players in this market.

The commercial and industrial segment is the largest application segment in the microgrid market. This is due to the high energy consumption of commercial and industrial facilities, which can benefit significantly from microgrids in terms of cost savings, energy reliability, and resilience.